Let me take a shot at this:
Q: were selling as is the buyers lenders appraiser is requestin work to be done
A: As mentioned below, if the appraiser is asking for work to be done, it MUST be done before the loan funds. Sounds to me like it is a buyer with an FHA loan or similar (Fannie Mae) â€“ flaking paint and other such repairs are very common requests from an FHA appraiser. And it doesnâ€™t matter if you are selling â€œAS-ISâ€ â€“ itâ€™s a loan funding condition set by the bank. No repairs, no loan. You might not like it, but thatâ€™s just the way it is.
Q: and the buyers will get us a hotel. during this time
A: Sounds like they are willing to cooperate for the inconvenience this is putting you through.
Q: do we allow this escrow isnt even closed
Q: and they need an extension on their loan contigency too,
A: Often happens when conditions get thrown in by the underwriter â€“ they issue the conditions and then everyone has to scramble to get things done. Extensions are VERY common in cases like this â€“ the underwriter wants to make sure ALL conditions will be met before they sign off on the loan.
Q: can some one help me understand why they would need to fix this and it not theirs
A: Itâ€™s a lender condition. Banks have started asking for things like this â€“ itâ€™s VERY common â€“ and there is nothing you can do about it if you want to close - except to do what the bank asks. I know you donâ€™t like it and it does not seem fair in an â€œAS-ISâ€ transaction, but itâ€™s the way it is. Peeling paint is considered a health and safety issue by many appraisers, so they want it taken care of to protect the buyers. No repairs, no loan. And it has to be done BEFORE the loan is funded. We currently have a transaction in escrow where the underwriter is mandating that flaking paint chips be fixed AND an outbuilding be removed prior to funding.
Q: not only that what if it falls through we are stuck with work that may not be up to another prospects par..
A: Do everything you can from your end to make sure it does not fall apart. If it DOES fall apart, then there is nothing you can do â€“ there is no recourse UNLESS the contingencies have all been removed.
Q: i mean our broker already convinced us out of good faith to give them 2500 for un anticipated expenses against my better judgement help...please
A: Without knowing all the details, we cannot second guess your broker â€“ they are there to get the deal done for you and they are your legal representatives. If they recommended you kick in $2,500, they must have had a good reason.